Home / Knowledge / News / Textiles / 'Overall union budget is balanced' – Mr Manish Mandhana
'Overall union budget is balanced' – Mr Manish Mandhana
17
Mar '12
Mr Manish Mandhana
Mr Manish Mandhana
“Overall the Union Budget is balanced. The Finance Minister has not done anything reformative with the budget, but at the same time he has refrained from taking any adverse measures which could have dampened the sentiments further”, said Mr Manish Mandhana, Joint Managing Director - Mandhana Industries Ltd.

Mr Mandhana was reacting to the Union Budget announced by the Finance Minister – Mr Pranab Mukherjee. “Though the budget is non-eventful but, it could have been worse given the current scenario. According to me, he has refrained from taking any major adverse step”, he observed.

He said, “He has provided some relief, though minimal, on the individual tax front. Obviously the hike in excise rate and service tax was inevitable because these are inherent taxes and major sources of revenue for the government. He has been pretty transparent about the target for the fiscal deficit. So that's where I really respect him because we have to face the reality of the current fiscal deficit.

“Last year was tough for the entire world and India was no exception. The fiscal deficit has gone up to 5.9%, still I think, we are still in a much better shape than other major economies of the world. If it comes down to 5.1% in the current year, as projected by him, then definitely it will be a good time for the economy.

“Now the government as well as the RBI will have to take further steps in reducing the rate of interest which can really fuel the growth rate. If the GDP has to grow as projected from current 6.9% to 7.6% and then 8.4%, I think the reduction in interest rates is a must now.

“Particularly talking about textile industry perspective, I don't think he has done any harm to the industry prospects. He has reduced the duty on branded garments from effective 4.5% to effective 3.6%. So that's a welcome step. Shuttle-less looms have been exempted from customs duty, which is also an important step.

“However, he could have done something on the fuel subsidy front as that is a major issue that the country is facing right now. He has done a commendable job by increasing the import duty on gold further because gold is currently the second largest item in our import bill. So, if gold imports are discouraged, it will help in correcting the current account deficit and further strengthening the rupee to dollar conversion rate also”.

Speaking about his unfulfilled expectations from the budget, he informed, “The government should do something to boost exports. Earlier we used to have an income tax exemption over exports. Besides, FDI in multi-brand retail could have been a major boost for the overall industry but that will take its own time now”.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 6th Dec 2016

Garments, yarn export entitlement quota extended for 1 yr

Indian government has extended the export entitlement quota for...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search